What will shape Rwanda’s next phase of financial inclusion?

Rwanda has rapidly expanded access to financial services, with more than 92 per cent of adults now able to use banking, mobile money, or other digital financial services. Mobile money accounts alone have surpassed 10 million active users, supported by interoperable payment platforms and government-backed programmes. Digital public infrastructure—including national IDs, biometric databases, and e-payment systems has enabled safer, faster, and more inclusive financial transactions, even in rural areas where traditional banking coverage remains limited. With basic access now nearly universal, the next phase of financial inclusion is shifting toward trust, access to credit, and broader economic opportunity. Currently, only about 38 per cent of adults have a formal credit history, highlighting the need to expand access to loans and investment opportunities. ALSO READ: How stablecoins, CBDCs could reshape Africa’s digital finance In an exclusive interview, Lee Naik, CEO and Regional President of TransUnion Africa, explained how innovation, alternative data, and digital tools are reshaping Rwanda’s financial ecosystem. Below are excerpts from the interview. Digital tools like national IDs, interoperable payment platforms, and mobile financial services have expanded access to finance. How have these systems transformed credit and lending in Rwanda? Digital public infrastructure is key to collaboration. While many Rwandan adults now use mobile wallets, true financial inclusion goes beyond payments. The real question is whether people can start businesses or access wealth-creation opportunities. What we’ve seen with digital infrastructure, especially the single digital ID and the national e-cash payment platform is transformative. It allows us to understand consumers and businesses in new ways, whether through telecom data, wallet transactions, or agricultural data. These insights help lenders extend credit to people who previously lacked a formal credit history. From a credit bureau perspective, what trends are you seeing in how financial institutions are using data to increase access to credit in Rwanda? Across the 30 countries where TransUnion operates, we are seeing increasing innovation in the use of alternative data. For example, we are working with telecom companies to use consented call data from prepaid consumers to help assess credit eligibility. Rwanda is emerging as a hub for such experimentation. ALSO READ: Rwanda achieves 96% financial inclusion for women, driven by mobile banking growth We are also exploring opportunities in agriculture and agri-finance. Many Africans work in informal sectors, particularly agriculture. Access to funding for farms, seeds, and equipment can unlock significant opportunities. Ultimately, it is not just about data; it is about giving millions of people in Rwanda and across Africa access to financial opportunity. Credit bureaus working alongside digital infrastructure will play a central role in making that possible. Financial inclusion discussions often focus on expanding access. Do you see trust in digital systems as the next critical factor for progress in Africa? Absolutely. Trust is foundational. Technology alone is not enough. Artificial intelligence and digital platforms require strong consumer confidence. Collaboration between banks, regulators, consumers, and private-sector players can only succeed if trust exists. Education, financial literacy, and responsible use of credit are essential. Identity verification, consumer protection, and fraud prevention must also be prioritised. If trust is overlooked, digital innovations will not deliver the outcomes governments are aiming for. What new risks are emerging as more Rwandans adopt digital financial services? Fraud and cybercrime tend to increase as more consumers connect digitally, often because users are still unfamiliar with new technologies. Education is critical to help consumers use financial services responsibly. Responsibility lies across the entire ecosystem—consumers, businesses, and policymakers. We can build trust, but it requires coordinated effort. Without trust and literacy, innovation alone will not deliver real value. How can credit bureaus like TransUnion strengthen consumer trust and transparency in digital financial systems? Credit bureaus can help demystify credit profiles. Many Rwandans do not fully understand their credit standing. Tools such as TransUnion’s Menyesha give consumers visibility into their credit profiles. However, banks, regulators, and private-sector players must work together to strengthen financial literacy. Financial inclusion is a continuum: it begins with storing money in a wallet, then transacting, and ultimately creating opportunities to start businesses and improve livelihoods. What innovations are you most excited about for Rwanda and Africa? Alternative data, from telecom companies, mobile wallets, and agriculture can significantly expand financial inclusion. Insurance innovation and fraud-prevention solutions are also important. For Rwanda, agricultural finance is particularly exciting. By partnering with local players, we can support farmers, increase productivity, and strengthen food supply chains across Africa. The broader challenge and opportunity is bringing half a billion Africans into the formal financial ecosystem. With the right combination of infrastructure, data, and trust, it is achievable.

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What will shape Rwanda’s next phase of financial inclusion?